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APN Outdoor close down on first day of trading

APN OutdoorThe latest Australian media entity to float on the Australian Securities Exchange, APN Outdoor, enjoyed a stable first day of trading dropping 10c on its opening share price at close.

Shares debuted at $2.75, an 8 per cent premium on the $2.55 they were issued to investors for, and closed at $2.65 despite a generally weak stock market.

The issue takes Quadrant Private Equity’s stake in the outdoor firm from 98 per cent down to 20 per cent, with the company forecast to report a $28m profit for the year.The float comes amid uncertainty as to whether rival Ooh Media, owned by Champ Private Equity, will also float with Nine Entertainment Co known to be interested in a stake in it as it looks to diversify its media portfolio.

Quadrant bought out APN News and Media from the business last October, taking its 50 per cent stake for $69m, having taken its initial stake for $190m, which included $110m in debt.

APN Outdoor's trading today. Source: Google Finance

APN Outdoor’s trading today. Source: Google Finance

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